Whats the quickest way to get a payment into your account?

[Greig]

Just wondered whats the quickest possible way to get money into my account from someone else?

Is it possible to get it in and cleared on the same day?

Thanks

[Agri-Hire]

Give them your bank details and tell them to go to the nearest branch of your bank with cash and put it in.

Anything else is going to take time or expense.

[Greig]

Am I thinking of something else but whats chaps or bacs?

Thanks

[Joyous]

Hi Greig

CHAPS is a means by which you can transfer funds from your UK bank account to another UK bank account. Provided your bank receives the instruction by 2pm the transfer will be made the same day. There's a charge for this. Lloyds charge £20 plus an extra £5 if you want confirmation. I'd imagine the other banks charge similarly.

BACS is also a means of interbank transfer. There's no charge but it takes three working days.

Regards

Joy

[Ozzy]

A large amount of cash being paid into your bank, if it is a high value transaction, would cause investigation on your bank account.

[KM-Tiger]

You might be lucky if you both bank with HSBC and your debtor uses Business Internet Banking.

I've not tested this, but HSBC say that HSBC to HSBC transactions will be processed same day if initiated by BIB.

[Alpha]

I've not tested this, but HSBC say that HSBC to HSBC transactions will be processed same day if initiated by BIB.


I have and they are :D

[MinuWeb]

Is it still that slow in the UK ?

Here in Estonia transfers within the same bank happen within 15 - 20 seconds and transfers between different banks take place in under 1 hour.

[BMS]

Barclays to Barclays are same day but does not clear until end of business.

Ironically if I tranfer between business current a/c and deposit or vice versa it is an immediate transaction........Go figure !

[gj]

NatWest to NatWest on Internet is also almost instant, and should be via a bacs payment through the branch or telephone banking.

If the payer is not with the same bank as you, cash (or a bankers draft - which has a cost) into the your account at a branch of your bank is effectively instant.

Ozzy says large payments into an account in cash may trigger an investigation into an account. However, a few thousand is not generally considered "large" in my experience.

GJ

[Martin MGA]

Unless the transaction is 'unusual activity' for your account, then I wouldn't think any investigation would take place. Also, it is more likely any investigation for large amounts would be taken by the remitters bank, not the beneficiary.

All depends on your individual account though. If it is receiving few payments or small payments of say £200 then a £20k payment is received and immediately transferred back out then it can look suspect.

The fastest pay is for someone to pay cash into a branch of your bank. Easiest however would be a Chaps payment, although would cost around £20 to send.

MGA